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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
10. GOODWILL AND INTANGIBLE ASSETS
In accordance with ASC 805, Business Combinations (ASC 805) and ASC 350, Intangibles - Goodwill and Other (ASC 350), all assets acquired and liabilities assumed in purchase acquisitions, including goodwill, indefinite-lived intangibles and other intangibles are recorded at fair value as of acquisition date.
WSFS performs its annual goodwill impairment test on October 1 or more frequently if events and circumstances indicate that the fair value of a reporting unit is less than its carrying value. Between annual tests, management performs a qualitative review of goodwill quarterly as part of the Company's review of the overall business to ensure no events or circumstances have occurred that would impact its goodwill evaluation. During the year ended December 31, 2023, management determined that the fair values of our reporting units exceeded their carrying values, and no goodwill impairment existed during the year ended December 31, 2023.

The following table shows the allocation of goodwill to the reportable operating segments for purposes of goodwill impairment testing:
 
(Dollars in thousands)
WSFS
Bank
Wealth
Management
Consolidated
Company
December 31, 2021$452,629 $20,199 $472,828 
Goodwill from business combinations297,646 116,691 414,337 
Goodwill adjustments3,311 (6,839)(3,528)
December 31, 2022753,586 130,051 883,637 
Goodwill from business combinations(1)
— 2,261 2,261 
December 31, 2023$753,586 $132,312 $885,898 
(1)During the third quarter of 2023, BMCM acquired the business of a registered investment advisory firm.
ASC 350 requires that an acquired intangible asset be separately recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. The following table summarizes the Company's intangible assets:
 
(Dollars in thousands)
Gross
Intangible
Assets
Accumulated
Amortization
Net
Intangible
Assets
Amortization Period
December 31, 2023
Core deposits$104,751 $(50,754)$53,997 10 years
Customer relationships73,880 (18,153)55,727 
7-15 years
Tradename2,900 — 2,900 indefinite
Loan servicing rights(1)
12,613 (6,575)6,038 
10-25 years
Total intangible assets$194,144 $(75,482)$118,662 
December 31, 2022
Core deposits$104,751 $(40,443)$64,308 10 years
Customer relationships68,281 (12,937)55,344 
7-15 years
Non-compete agreements200 (200)— 1 year
Tradename2,900 — 2,900 indefinite
Loan servicing rights(2)
11,118 (5,075)6,043 
10-25 years
Total intangible assets$187,250 $(58,655)$128,595 
(1)Includes impairment losses of less than $0.1 million for the year ended December 31, 2023.
(2)Includes impairment losses of $0.3 million for the year ended December 31, 2022.
The Company recognized amortization expense on other intangible assets of $15.5 million, $15.7 million and $10.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.
The following presents the estimated amortization expense of intangibles:
 
(Dollars in thousands)
Amortization
of Intangibles
2024$16,913 
202516,548 
202615,845 
202715,385 
202814,567 
Thereafter36,504 
Total$115,762 
Servicing Assets
The Company records mortgage servicing rights on its mortgage loan servicing portfolio, which includes mortgages that it acquires or originates as well as mortgages that it services for others, and servicing rights on Small Business Administration (SBA) loans. Mortgage servicing rights and SBA loan servicing rights are included are in Intangible assets in the accompanying Consolidated Statements of Financial Condition. Mortgage loans which the Company services for others are not included in Loans and leases, net of allowance in the accompanying Consolidated Statements of Financial Condition. Servicing rights represent the present value of the future net servicing fees from servicing mortgage loans the Company acquires or originates, or that it services for others.
The value of the Company's mortgage servicing rights was $1.7 million and $2.1 million at December 31, 2023 and 2022, respectively, and the value of its SBA loan servicing rights was $4.3 million and $4.0 million at December 31, 2023 and 2022, respectively. Changes in the value of these servicing rights resulted in impairment losses of less than $0.1 million during 2023 and impairment losses of $0.3 million during 2022. Revenues from originating, marketing and servicing mortgage loans as well as valuation adjustments related to capitalized mortgage servicing rights are included in Mortgage Banking Activities, Net in the Consolidated Statements of Income and revenues from the Company's SBA loan servicing rights are included in Loan fee income, in the Consolidated Statements of Income.

Besides the impairment on loan servicing rights noted above, there was no impairment of other intangible assets as of December 31, 2023 or 2022. Changing economic conditions that may adversely affect the Company's performance and could result in impairment, which could adversely affect earnings in the future.